CRYPTO APPS/EXCHANGES IN INDIA

Here is a quick checklist before you choose a crypto exchanges/wallet: 

  • Query the founders (on twitter, news articles, their history)
  • Read the user experience & transaction fess. 
  • The number of users using it, the chatter on social media et al. 
  • Reputation on mainstream media such as adverts on TV, Print media (you want them to be too big to fail) 
  • Associations with popular new coins, their selection criteria before listing them. 
  • What is the most useful feature for you: low fee, high security, easy to trade on mobile – user interface, liquidation, nos of alt coins listed, Deposits & Withdrawal process.

Exchanges & Wallets favoured by Indian audiences: 

Exchange NameMonthly Visits (Website Only)* July 2021Known for
WazirX (invested into by Binance)10m– Acquired by Binance, India’s Biggest Crypto Exchange.
– Servers have been known to lag with heavy transaction loads/ 
– Super fast KYC
CoinDCX2.27m– BitGo security
– Nice user interface
Coinswitch KuberMobile Only <NA>– Best Market Rates
– Great User interface
Binance150m– Largest Global Exchange.
– Peer 2 peer purchase
ZebPay0.21m – India’s first Big Wallet Linked Exchange.
– Good UI/UX.
– Zero Fee movement of INR to USDT (US Dollar linked Token – Something that you need to do sometimes to accumulate Tokens before making a quick close Investment.
Unocoin0.08m– Since 2013 and integration to pay Indian Utilities with your crypto balance.
– You can pay Mobile and DTH for now, but the team is hoping for fully integrating with utilities like gas, electricity etc. 
Trust Wallet5.84m– Great UI/UX, Good Security and one place for NFT and Currency. – – High Withdrawal fees.
– No INR directly. 
BuyUCoin 0.04m– Quick KYC,
– They have an interesting blog called crypto labs and community of Indian Crypto Traders on Telegram Groups. 
CoinBase (NO INR deposits)71.07m– Coinbase is the best international option right now.
– Expensive in terms of transaction fees. Currently INR and Official India Status is not on, but it’s a great exchange – and has massive volumes, traffic and innovations. 
Giottus0.03m – Chennai based, multi lingual support, Indian Bank Account Linked Wallet. 
– Low Fees. 
Loose Conjecture  : The name tells me they are hoping for the Jio empire to take them over as soon as Jio enters crypto trading 😉  
BitBNS0.065m– Fresh UI/UX Indian IIT Made Exchange.
– Interesting innovations like SIP in Bitcoins. They are looking good with many API’s ready, for trading via intermediaries (Arbitrage) as well as peer to peer.
– Low transaction fees is what they promise. We like that they support niche alt-coins with real world benefits. 
PocketBitsNot available– Zero Fee – INR Wallet
– High on the Patriotic positioning – Claims to be the first INR exchange.
*Monthly Visits on websites just shows us how many “serious” investors have their exchanges open on their trading desks.  

All are pretty uncomplicated, expectedly they have a leaderboard and charts tracking the momentary or last recorded price / value and alerts. It runs 24hrs, 7 days and is more volatile than any of the financial markets like NSE, BSE, NYSE, NASDAQ!

What is also interesting is that these digital assets can allow you to buy, from one to another. This means, you can buy Ethereum with Matic and vice versa, without actually converting it to a currency. Let’s understand with a comparison to the stock market, if you have 2 shares of TATA Motors, you can buy 5 shares of Reliance with those shares, you have to convert value to rupees then make the next purchase. 

CoinDCX and WazirX are now listed on the top 50 International crypto exchanges as per coinmarketcap.com

Happy investing!

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